With more than four days in a row of increasing momentum, Shiba Inu is gaining bullish traction as the meme coin continues its remarkable short-term rally. After a protracted period of consolidation and decline, bulls are starting to assert dominance, as indicated by the recent price action that clearly indicates a shift in market sentiment. Now, trading between the 50-day and 100-day Exponential Moving Averages, SHIB has successfully broken above important local resistance zones and is currently trading around $0.00001444 USDT. 

Because it puts the asset in a technical transition zone that is frequently regarded as the battlefield between short-term and medium-term trend reversals, this positioning is crucial. SHIB has pushed above the $0.00001350 support area and into a zone that may allow for more bullish continuation due to the persistent buying pressure over the last few days.SHIBUSDT Chart by TradingView”>

A rally toward the $0.00001793-$0.00001800 region where the 200 EMA is located may be possible if SHIB can break above the 100 EMA, which is currently near $0.00001655. This would confirm a midterm trend shift. With the Relative Strength Index (RSI) currently trading at about 59, it indicates that bullish momentum is developing but has not yet reached overbought conditions, which is another indication that, should buying continue, there is still room to run. 

The volume is gradually increasing, which supports the validity of the present upward trend. Even though it is not explosive, the increasing interest is sufficient to keep things moving upward, at least temporarily. 

The market is currently waiting for confirmation in the form of a clean breakout above the 100 EMA, as bulls are in control and SHIB is still rising toward its next technical targets. The meme token might be about to experience a much bigger rally if that occurs. 

Bitcoin’s grind continues

Bitcoin is displaying strong indications of strength and gaining momentum steadily and under control. Currently trading at about $87,390, it has recorded several higher lows in recent weeks, indicating that buyers are regularly intervening and bolstering price action.

Especially encouraging is the steady trading volume that has coincided with this change. It shows robust participation and a developing base of support for Bitcoin’s ascent, despite the fact that it is not explosive. Unlike fast, overextended rallies that can quickly reverse, this slow and steady movement frequently lays the groundwork for long-lasting breakouts.

With its current position just above $89,500, Bitcoin has already reclaimed the 200-day EMA and is now getting close to a crucial technical resistance: the 100-day EMA. A clear breakout above this level would be a powerful bullish confirmation and might pave the way for a short-term retest of the $90,000-$92,000 range.

With the Relative Strength Index comfortably hovering around 52, Bitcoin has plenty of space to rise further before reaching overbought territory. This lends more credence to the idea that the asset is evolving toward a more robust and healthy upward trend. Looking at Bitcoin’s chart structure from a wider angle, it appears to be getting more positive.

It seems that the market has reset after a period of volatility and consolidation earlier in the year. Bitcoin is currently in an excellent technical position, with a rising trendline still in place, encouraging moving averages and rising sentiment. 

Ethereum’s possible reversal

A failed attempt to break above the 26-day Exponential Moving Average (EMA), a crucial dynamic resistance that has been stifling price action for several weeks, has resulted in fresh selling pressure on Ethereum. 

With ETH trading at about $2,095, it is still below this critical level, and its failure to recover has raised fears of a possible reversal. Ethereum has been pushed lower after each test by the 26 EMA, which has essentially served as a ceiling for the asset. Its significance is once again emphasized by this most recent denial, particularly in light of the asset most recently starting to recover. 

Now, if it does not close above it, the recent bullish momentum might stall or even reverse. The 50-day EMA, which is currently trading close to $2,310, presents a bigger obstacle. For Ethereum’s midterm prospects, this level is a make-or-break moment. The $2,500 goal might stay out of reach for the time being if ETH is unable to gain enough momentum to break and stay above that level. 

There is nevertheless a bright side. Ethereum is still above the crucial psychological support level of $2,000 in spite of the bearish rejection, and the volume is stable and not exhibiting any symptoms of panic-selling. The Relative Strength Index (RSI) is currently at 44, suggesting that if buying interest returns, there may be an opportunity for a reversal. 

As a result, Ethereum is in a cautious but manageable position. The narrative might swiftly change back in favor of bulls if they can reorganize and build up enough momentum to overturn the 26 and 50 EMA resistances.